Monitor Perfomance for Fast Trade Couriers

Question: Discuss about theMonitor Perfomance for Fast Trade Couriers. Answer: Review of completed business plan The business plan was designed and developed for Fast Trade Couriers located at 6 Hill Road, Sydney Olympic Park, NSW 2127. The business was started on 15th January 2003 as public listed proprietary limited company. The key products and services that company is offering involve pickup and delivery of medium sized packages all through Sydney. The business plan for Fast Trade Couriers has proper information for target market and marketing strategy with the consideration of strategic goals and vision of organization. Moreover, the business plan has been developed by focusing on the financial information of company and conducting the market research about the demand of such services. The management is majorly targeting the region of Sydney that involves residential customers. The organization currently holds the 18% market share and looking for improvement. The business plan will help to achieve that goal and by using information about the competitors and utilization of marketing tactics. Additionally, the business plan involves information about the delivery and pick up services with solution to possible issues that can help to encourage the services standards of company. The business plan also provided details for organizational structure and needs of staff members to maintain the required services standards. Key performance objectives Initiate delivery within local NSW in 12 months duration Enhance sales by 40% over the future three years Improvement in the customer base To maintain positive relation with the existing customers Test of performance measures For measuring the effectives of organizational performance and development of plan to meet the objectives, the SWOT and market research activities were used. According to these tools, the current standards of services and issues have been identified for improvement in the plan (Landy and et al., 2017). Through expanding each of the companys businesses, it will be accessing a gradual increase of 25% to the companys base of consumers. Performance management system Acceptable level: The acceptable level of planned objectives of business plan involved achievement of 95% targets in the given time period. The financial performance of organization need to be encouraged up to 22% and the rate of retention has to be equivalent to 87%. In addition to this, possibility of quick expansion into regions likes Wollongong, Newcastle and Central West of NSW. The acceptable planned variance of this performance measurement system involves compliance with the market opportunities and proper utilization of resources. Moreover, the organization will pick-up and deliver small to bigger sized packages/parcels that has till maximum 120 kgs weight. Timeframe for each report: The timeframe for developing and analyzing report will be 1 month. In this period of time the research and management team will focus in the possibilities of actions and alternative plans to improve the market position of Fast Trade Couriers. In order to attract new consumers, the company will carry out market research for conducting market research in order to reveal market research along with small and medium size businesses within regional situations. These reports will be completed within 20 days and forwarded for analysis which will take 10 days. Benchmarking will be used: The benchmarking that will be used for developing the plan and performance management of organization using the new business activities will be focus on human resources, financial growth, technical advancement and meeting the expectation level of customers in target areas. The collected data will be compared with past performance to analyze the gaps in the services to develop the strategies that can be beneficial for encouraging the performance in the future (Jardioui and et al., 2017). The top management of organization will focus on the services as per the industrial standards and evaluate the financial ratio with competitor organizations to gain more knowledge about professional practices and achieve the results by setting new standards. Key stakeholders: The key stakeholders that will take active participation in development of reports and performance management system are owner, employees, customers and regulatory bodies of the particular region of Sydney. The strategic goal of the company is to develop the business along with enhancing business profits for over three years through expanding routes to encompass regional NSW. The new marketing plan of the company is to contact the consumers those are lost previously. By focusing on the needs and requirements of the identified stakeholders the different reports will be developed The objective of the paper is to attract new customers; the company will carry out market research in order to reveal new consumers along with informing them of the impending entry within the region. References Landy, F., Zedeck, S., Cleveland, J. (Eds.). (2017). Performance measurement and theory (Vol. 25). Taylor Francis. Jardioui, M., Garengo, P., El Alami, S. (2017, September). The Impact of Organizational Culture on Performance Measurement System Design, Implementation and Use: Evidence from Moroccan SMEs. In IFIP International Conference on Advances in Production Management Systems (pp. 553-559). Springer, Cham.